azazel Posted September 17, 2008 Report Share Posted September 17, 2008 Back above $866 and climbing... anyone want to take a punt on where this rise will end? [/quote Id like to see $100 in a day. Rise that is! Link to comment Share on other sites More sharing options...
alexreeve Posted September 17, 2008 Report Share Posted September 17, 2008 Id like to see $100 in a day. Rise that is! If there's another spike up as the asian markets open... Edited for duff quote marks. Link to comment Share on other sites More sharing options...
SoylentGreen Posted September 17, 2008 Report Share Posted September 17, 2008 Back above $866 and climbing... anyone want to take a punt on where this rise will end? I bet you say that to all the girls. Link to comment Share on other sites More sharing options...
wren Posted September 17, 2008 Report Share Posted September 17, 2008 Back over 600 euros. €603.60 at the mo. I'm no longer frightened to look at my account. Link to comment Share on other sites More sharing options...
hotairmail Posted September 17, 2008 Report Share Posted September 17, 2008 This sounds the most likely cause for today's moves. http://www.reuters.com/article/idUKN1752966920080917 From the article... Potential upfront costs to the government of maintaining financial stability could reach 24 percent of gross domestic product in the case of a "deep and prolonged recession," the S&P report said. On Wednesday, Chambers compared the U.S. rating to a lobster cooking in a pot of cold water. "The lobster is still in the 'AAA' pot and still moving," Chambers said. "The heat is turning up, but the water is still 'AAA' stable." Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 17, 2008 Report Share Posted September 17, 2008 Back above $866 and climbing... anyone want to take a punt on where this rise will end? $1650 Link to comment Share on other sites More sharing options...
nicejim Posted September 17, 2008 Report Share Posted September 17, 2008 My pension was moved to Goldmoney in April, it is now worth 31% more now than it would had I not moved it. This is entirely due to finding GF on HPC for he is the man that got me interested. I thought they only did this for US residents. How do you transfer a UK pension there? Link to comment Share on other sites More sharing options...
Magpie Posted September 17, 2008 Report Share Posted September 17, 2008 What the hell have you guys done ?! I go to bed, 780. I wake up, 860 :blink: Edited to add: £473.5 How did that happen Good morning New Zealand! Link to comment Share on other sites More sharing options...
whoops_apocalypse Posted September 17, 2008 Report Share Posted September 17, 2008 Just announced by some bod on Sky News: SEC to ban naked shorting of all equities not just financials... Link to comment Share on other sites More sharing options...
G0ldfinger Posted September 17, 2008 Author Report Share Posted September 17, 2008 Just announced by some bod on Sky News: SEC to ban naked shorting of all equities not just financials... Oh dude! That will propel miners to the Mars. See other thread where I made this remark some days ago. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 17, 2008 Report Share Posted September 17, 2008 I thought they only did this for US residents. How do you transfer a UK pension there? http://www.greenenergyinvestors.com/index.php?showtopic=3757 look for the pension section Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 17, 2008 Report Share Posted September 17, 2008 Good morning New Zealand! Speaking on behalf of the whole of New Zealand. Good Morning Magpie :lol: Link to comment Share on other sites More sharing options...
lardoon Posted September 17, 2008 Report Share Posted September 17, 2008 Oh dude! That will propel miners to the Mars. See other thread where I made this remark some days ago. Do you think that will have any impact on Canadian-traded miners (ie I am not sure if the SEC can impose any rules there...) Link to comment Share on other sites More sharing options...
nicejim Posted September 17, 2008 Report Share Posted September 17, 2008 http://www.greenenergyinvestors.com/index.php?showtopic=3757 look for the pension section Thanks Steve! Link to comment Share on other sites More sharing options...
Errol Posted September 17, 2008 Report Share Posted September 17, 2008 Gold posts its biggest one day rise for 9 years. It's heading for $1650++ by 2011. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted September 17, 2008 Report Share Posted September 17, 2008 S&P says pressure building on U.S. "AAA" rating Wed Sep 17, 2008 3:07pm EDT http://www.reuters.com/article/idUKN1752966920080917 NEW YORK (Reuters) - Pressure is building on the pristine "AAA" rating of the United States after a federal bailout of American International Group Inc, the chairman of Standard & Poor's sovereign ratings committee said on Wednesday. The $85 billion bailout of AIG on Tuesday by the U.S. Federal Reserve "has weakened the fiscal profile of the United States," S&P's John Chambers told Reuters in an interview. "Lack of a pro-active stance could have resulted in further financial stress and put pressure on the U.S. triple-A rating," Chambers said. "There's no God-given gift of a 'AAA' rating, and the U.S. has to earn it like everyone else." Link to comment Share on other sites More sharing options...
mattyboy Posted September 17, 2008 Report Share Posted September 17, 2008 Australia checking in. Get in there! Link to comment Share on other sites More sharing options...
Gatesy Posted September 17, 2008 Report Share Posted September 17, 2008 If you listen carefully to Channel 4 news tonight they said "gold is the only safe investment left in America"....that could get a few minds stirring. Link to comment Share on other sites More sharing options...
alexreeve Posted September 17, 2008 Report Share Posted September 17, 2008 Just had a look in HPC Gold and Pecious metals subforum (first time in quite a while), I was the only one viewing it. Today, when gold has has the most extraordinary day in a decade. They really have killed off all discussion there. Link to comment Share on other sites More sharing options...
confounded Posted September 17, 2008 Report Share Posted September 17, 2008 Oh dude! That will propel miners to the Mars. See other thread where I made this remark some days ago. What is the best way to invest in the miners? Can anyone recomend a few that trade on the LSE or maybe a good fund trading on the LSE? Link to comment Share on other sites More sharing options...
Bobsta Posted September 17, 2008 Report Share Posted September 17, 2008 Wow, what a day! My heart goes out to those folks who liquidated Gold and Silver ETFs yesterday due to the AIG crisis. That's gotta hurt! Unfortunately for me, I'm writing this on my BlackBerry in the middle of nowhere in France. I'm here on holiday for the week with no real Internet access. The last time I went away on hols (to Thailand) Gold had a bad time and I got cleaned out for a load of cash. So, in anticipation this time I reduced my holdings considerably. Given the fall below $740 and with Silver sniffing around $10 it seemed like the only sensible thing to do. How wrong I was?!! It's great to see Gold doing what it needed to do and my BV account will be looking much healthier now. But it's unfortunate that with such a sharp move, those of us trying to do the right thing but doing it the wrong way (ie using paper) have been royally toasted. I've lost a small fortune on the way down and have only made back a 20th of it with today's move. Not looking for condolence though. Today is.a day to celebrate and realise the markets aren't quite as nuts as some were beginning to fear. And, as I said above, my thoughts are with anyone who failed to fully benefit from today's move due to timing issues and/or loss of nerve due to recent performance. Onward and upward! Link to comment Share on other sites More sharing options...
alexreeve Posted September 17, 2008 Report Share Posted September 17, 2008 Peter Schiff's latest http://news.goldseek.com/EuroCapital/1221672467.php By nationalizing nearly 80% of AIG for $85 billion, the Fed is doing a lot more than simply flushing taxpayer money down the toilet. The greater wrong is allowing the agency that has the power to print money to take control of a private enterprise, especially without the approval of the company’s shareholders. The move represents the largest lurch toward socialism that this country has ever seen, and signals the end of the vibrancy of America’s once vaunted free market economy. Since there is no limit to the amount of money the Fed can create, there is no limit to the number of assets they can acquire. The “line in the sand” that the Government seemed to draw by refusing to bail out Lehman Brothers was erased in just two days by the very next wave of financial panic. While Fannie and Freddie were arguably quasi-government agencies that deserved special protection, no such status exists with AIG. Where does the Fed get the authority to use the money it prints to take over private companies? Congress never gave such authority and, even if it had, it would be unconstitutional, as Congress itself has no such authority to delegate. What about the shareholders? Why didn’t they get to vote on this acquisition? Whatever happened to private property rights? Where does this stop? What other troubled companies will the Fed nationalize, and how much will it cost? Why stop at troubled companies? If the Fed can buy into a sick company, why not a healthy one? Now that we have allowed the Fed to take over any asset it wants, private property rights are meaningless. When oil prices get really high, why bother with a windfall profits tax when the Fed can simply nationalize Exxon-Mobil with a few cranks on its printing press. Who needs Bolsheviks when you have the Fed? AIG is not a bank; it is not even an investment bank. The “lender of last resort” power was supposed to apply only to banks, to prevent runs. It was not meant to apply to any company that had been declared “too big to fail”. I suppose the Fed is trying to get around some of the more obvious illegalities by having the new AIG shares issued on behalf of the Treasury. What happened to the concept of an independent Fed? Here you have the Fed seizing a private company and ceding control to the U.S. Treasury. Rather then acting independently, the Fed and the Government are merely partners in crime. On the economic side, the Fed expects us to believe this is a smart investment. Does anyone really think that officials at the Fed and Treasury are suddenly private equity experts? These are the guys who missed both the tech and housing bubbles, and who assured us that subprime problems were contained. I would not trust them to run a lemonade stand, let alone one of the largest insurance companies in the world. The idea that this bailout was necessary given that the alternative would be worse should by now be fully discredited. All of today’s financial problems are the direct consequence of Fed policy that was designed to weaken the recession that followed the bursting of the tech bubble and the shock of September 11th. Of course, the tech bubble itself resulted from the Fed’s actions to sooth the pain following the collapse of LTCM, the Russian debt default, the Asian crisis, and Y2K. I suppose the precedent for all of these actions was established back in 1979 when the government guaranteed Chrysler’s debt. It sure would have been a lot better and a whole lot cheaper if we had simply let Chrysler fail. The road to financial hell, or in this case socialism, is certainly paved with “good” intentions. Today's historic surge in the price of gold shows that at least a few investors are refusing to march in the parade. Link to comment Share on other sites More sharing options...
Johan van der Smut Posted September 17, 2008 Report Share Posted September 17, 2008 Wow, what a day! My heart goes out to those folks who liquidated Gold and Silver ETFs yesterday due to the AIG crisis. That's gotta hurt! Unfortunately for me, I'm writing this on my BlackBerry in the middle of nowhere in France. I'm here on holiday for the week with no real Internet access. The last time I went away on hols (to Thailand) Gold had a bad time and I got cleaned out for a load of cash. So, in anticipation this time I reduced my holdings considerably. Given the fall below $740 and with Silver sniffing around $10 it seemed like the only sensible thing to do. How wrong I was?!! It's great to see Gold doing what it needed to do and my BV account will be looking much healthier now. But it's unfortunate that with such a sharp move, those of us trying to do the right thing but doing it the wrong way (ie using paper) have been royally toasted. I've lost a small fortune on the way down and have only made back a 20th of it with today's move. Not looking for condolence though. Today is.a day to celebrate and realise the markets aren't quite as nuts as some were beginning to fear. And, as I said above, my thoughts are with anyone who failed to fully benefit from today's move due to timing issues and/or loss of nerve due to recent performance. Onward and upward! Yep, that's me. But I'll learn from my mistakes and I'm delighted the gold bull's not dead. Just remind me not to question the wisdom of Bubb, Schiff, FP et al and not to be so swayed by the naysayers next time gold hits a bump. Link to comment Share on other sites More sharing options...
wren Posted September 17, 2008 Report Share Posted September 17, 2008 Just had a look in HPC Gold and Pecious metals subforum (first time in quite a while), I was the only one viewing it. Today, when gold has has the most extraordinary day in a decade. They really have killed off all discussion there. There was a thread in the Main Discussion Forum today asking why gold was not performing. A few hours later they got their answer. I noticed on the BV chart that gold in Australian dollars touched or maybe just exceeded its all time high of March. Link to comment Share on other sites More sharing options...
Mr Pipples Posted September 17, 2008 Report Share Posted September 17, 2008 What is the best way to invest in the miners? Can anyone recomend a few that trade on the LSE or maybe a good fund trading on the LSE? For funds I guess you've got Blackrock or Ruffer maybe - think Ruffer has more juniors out of the 2. Don't think there's anything to recommend in the way of an LSE minors ETF- the best are Canadian I believe. For individual juniors check out Cuthbert's article in last weeks Moneyweek - also check the Mining and Precious Metals section for Bubbs tips. Some of those tipped are LSE / AIM listed I think - but not many. Link to comment Share on other sites More sharing options...
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